Cerberus Capital Management, which has a controlling stake in the Japanese owner of Hawaii’s Starwood Hotels and Resorts properties, is looking to expand its ownership of another Japan-based owner of Hawaii hotels.

Cerberus, which already owns a 32.4 percent stake in Seibu Holdings Inc., is looking to purchase as much as about 12 percent of the company’s outstanding shares, which is more than triple the number of shares it had offered to buy last month, according to a Bloomberg report.

Bloomberg reports that Cerberus wants to change management at Seibu before an initial public offering, so is offering to raise its stake in the company to about 44.7 percent.

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